There have been known some compounds having hypolipidemic activity, for example, 1,3-disubstituted propanol derivatives disclosed in U.S. Pat. Nos. 4,073,935, 4,109,013 and 4,144,351, and British Patent 1,516,747, but this invention provides novel phenylcarboxylic acid derivatives and salts thereof which have a different structure from these known compounds and are particularly useful as a medicament.